S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Investing.com-- U.S. stock futures were little changed on Sunday evening as investors weighed the fallout from President Donald Trump’s sweeping new tariffs and a weaker-than-expected jobs report that rattled markets last week.
S&P 500 Futures edged up 0.1% to 6,270.0 points, while Nasdaq 100 Futures gained 0.2% to 22,917.50 points by 20:03 ET (00:03 GMT). Dow Jones Futures traded largely unchanged at 0.3% lower at 43,730.0 points.
Trump tariffs, weak jobs data rattle Wall Street
In the regular trading session on Friday, the S&P 500 fell 1.6%, while the NASDAQ Composite dropped more than 2%. The Dow Jones Industrial Average closed 1.2% lower.
All three major indexes fell more than 2% for the week, with the Dow Jones Industrial Average posting a nearly 3% decline.
President Trump signed an executive order on Friday imposing steep tariffs on imports from nearly 70 countries.
These new duties range from a universal 10% baseline up to 41% for select nations, notably 35% on Canada and up to 50% on Brazil.
In a CBS interview on Sunday, Trade Representative Jamieson Greer said the tariffs imposed by President Trump last week on dozens of countries are likely to remain in place during ongoing negotiations.
Fears of higher consumer prices and erosion of corporate earnings triggered heavy selling across U.S. equities.
Additionally, the U.S. Labor Department reported on Friday that nonfarm payrolls rose by only 73,000 in July, well below the expected 110,000, and May and June figures were revised downward by a combined 258,000 jobs.
The unemployment rate ticked up to 4.2% from 4.1% in June.
Investors viewed this slowdown as a clear signal that the labour market is cooling, prompting the odds of a Federal Reserve rate cut in September to surge to over 80%
AMD, Caterpillar , Disney earnings awaited
Looking ahead, attention shifts to a packed earnings calendar. More than 150 companies are set to report this week, including major names across tech, industrials, and consumer sectors.
On Tuesday, Advanced Micro Devices Inc (AMD) (NASDAQ:AMD) and Caterpillar Inc (NYSE:CAT) will report, with investors watching for insight into semiconductor demand and global industrial activity.
Wednesday will bring results from Walt Disney Company (NYSE:DIS), McDonald’s Corporation (NYSE:MCD), and Uber Technologies Inc (NYSE:UBER).